Pocket money tumbles to seven-year low

The average child receives 5.89 a week, the lowest level since 2003, and down from 6.24 in 2009, according to high street bank Halifax. The sum is nearly 2.50 lower than the 8.37 children aged between eight and 15 received each week when pocket money levels peaked in 2005.

Boys still receive more money than girls, but the gender gap in spending money has closed considerably compared with previous years.

The group found boys receive an average of 6.08 a week, 38p more than girls, but well down on the 1.30 more that they received last year, when they got 6.88 a week.

Unsurprisingly, older children receive more than younger ones, with those aged between 12 and 15 getting around 7.02 a week.